The temporal nature of growth determinants in new bank foundings: implications for new venture research design

Several authors have suggested the founding period as a critical time in the development of a firm, arguing that the resource and decision choices made at this point have a substantive impact on the firm's future. Yet, historically, most studies have measured new venture choices considerably after the founding period. We suggest that the uniqueness of the founding event is important and test its validity through the examination of two implicit assertions. These implicit assertions are those of temporal stability and temporal locus of growth determinants.     

EXISTENCE OF A NONNEGATIVE EQUILIBRIUM PRICE VECTOR IN THE MEAN-VARIANCE CAPITAL MARKET

We derive a necessary and sufficient condition for the existence of a nonnegative equilibrium price vector under which the total demand and supply of each asset balances in the standard mean-variance capital market. Also, we give an explicit formula for such a price vector. This formula shows that the price of assets is an increasing function of , the weighted average of the requested rate of return of individual investors, which tends to infinity as approaches the expected rate of return on the market portfolio. Further, we construct a macroeconomic index which gives information about the soundness of the capital market.     

Bank systemic risk and macroeconomic shocks: Canadian and U.S. evidence

This paper investigates how banks, as a group, react to macroeconomic risk and uncertainty; more specifically, it examines the relationship between bank systemic risk and changes and disruptions in economic conditions. Adopting the methodology of Beaudry et al. (2001), we introduce a new estimation procedure based on EGARCH to refine the framework developed by Baum et al., 2002, Baum et al., 2004, Baum et al., 2009 and Quagliariello, 2007, Quagliariello, 2009, and we analyze the relationship in the current industry context—i.e., in the context of market-based banking. Our results confirm that banks tend to behave more homogeneously vis-à-vis macroeconomic uncertainty. In particular, we find that both the cross-sectional dispersion of loans-to-assets and the cross-sectional dispersion of non-interest income share shrink during slow growth episodes, and particularly during financial crises, when the resilience of the banking system is at its lowest. More importantly, our main findings indicate that the cross-sectional dispersion of loans-to-assets has increased in the last decade, whereas the cross-sectional dispersion of non-interest income share appears to be more volatile and sensitive to macroeconomic shocks.     

基于层次分析法的排土场稳定性分析

影响排土场稳定性的因素众多,主要分为内因和外因两大类,控制内因参数是在排土场使用过程中保持排土场稳定性的主要措施。因此,在众多内在影响因素中找出主要因素,并对其加以控制,对于保持排土场稳定性有重要意义。本文以云南某露天金属矿排土场为工程实例,运用层次分析法分析影响排土场稳定性的内因各指标的影响权重,确定主要影响因素,并运用FLAC3D数值模拟对层次分析法的分析结果进行验证,确定了控制排土场堆高是保证排土场稳定性的有效措施。     

基于GIS的边坡三维极限平衡模型研究

自然界中发生的滑坡绝大多数呈三维形态,边坡稳定性分析应从三维的角度进行处理。在实际边坡工程作业中,科学地计算边坡受到边界条件约束、荷载作用、土体性质在空间上变异等实际形态的影响,同样需要进行三维稳定性分析。目前边坡稳定性分析仍以二维极限平衡法为主。当滑动面已经确定时,使用三维分析可以恰当地考虑滑坡的三维形态对安全系数的影响,同时可以避免二维分析时如何选择代表性横截面,计算结果是否合理等问题。     

金融稳定理事会的职能地位与运行机制分析

金融稳定理事会自2009年成立以来,在促进全球金融监管体系的改革与完善,推动国际金融监管标准的制定和执行方面开展了卓有成效的工作,现已成为在全球层面协调各国金融监管当局和国际金融监管标准制定者的重要机构。金融稳定理事会机制化运行主要表现在三个方面:义务性加大、约束力增强和授权性增加。在未来发展中,金融稳定理事会应进一步提升自身的代表性和决策机制的合法性,通过自身的影响力将国际金融机构和监管标准制定机构更紧密地联系起来,并进一步提升对成员国的影响力。     

云南大理团山公园南滑坡稳定性分析与加固治理

受城市建设的发展、工程地质条件、水文地质条件及人为因素等的影响,原本稳定的边坡逐渐转变成滑坡。综合大理团山南滑坡的形成特点、工程地质及水文地质特征,对已形成的公园滑坡提出加固治理方案,为今后的类似工程提供参考和借鉴。     

Central bank disclosure as a macroprudential tool for financial stability

The Basel Capital Accord (pillar 3) states that disclosure of information (transparency) is essential to financial stability. This study analyzes, through inflation reports, the disclosure of information from the Central Bank of Brazil concerning the credit market. We consider credit risk and capital buffers as measures of financial stability in this analysis. Furthermore, in order to measure the perception of the monetary authority on the credit market, we built two indices based on the central bank’s communication on credit development. We performed a panel data analysis based on a sample of 125 banks for the period from June 1999 to September 2014 (7000 observations). The findings suggest that central bank communication regarding expectations concerning the credit market contributes to financial stability. Therefore, this kind of communication of central banks (about credit development) may constitute an important macroprudential tool to improve financial stability.     

Quantitative Easing Forever? Financialisation and the Institutional Legitimacy of the Federal Reserve’s Unconventional Monetary Policy

Scholars of financialisation have argued that the emergence of finance-led grow regimes requires new instruments for effective conduct of economic policy. In this scholarship, central banks have been seen as the most promising actors to utilise one of the most synergetic policies, the maintenance of high and stable prices of financial assets. Since the financial crisis of 2007–8, central banks of the developed world have adopted various unconventional monetary policy measures that serve this function. But will these unconventional measures become institutionally legitimate and institutionalised as conventional practice, as suggested necessary by scholars of financialisation? In this paper, we answer to this question by studying the institutional legitimation of the Federal Reserve’s Quantiative Easing (QE) programmes. We argue that the QE programmes have been legitimated successfully but with institutional legitimation strategies, which cause institutional pressures that question the potential of QE from becoming a regular policy instrument and practice.